Survey: Most Consumers Open to Using Layaway

An overwhelming majority (71 percent) of consumers are open to using layaway plans in the next six months, according to a survey released by ConsumerSearch.com, part of the About Group.

Top reasons consumers gave for using layaway include: wanting another payment option (38 percent), agreeing it’s a way to budget for an item that would otherwise be too expensive (35 percent), and feeling that it’s a good way to help stick to a budget (26 percent).

“Many shoppers remember layaway positively from the past,” said Christine Frietchen, editor in chief of ConsumerSearch.com, in a statement. “Layaway will likely make a big difference to a number of shoppers this holiday season.”

The survey comes on the heels of announcements from a variety of retailers that they will beef up their layaway plans.

Wal-Mart in September announced a special Christmas layaway plan, which applies to fine jewelry as well as electronics and toys.

“We’re always looking for ways to ease budget strain for our customers, and we know this holiday season in particular brings with it additional financial pressure,” said Wal-Mart chief merchandising officer Duncan Mac Naughton in a statement.